DUBAI: The volume of syndicated assets of the UAE sovereign wealth funds (SWF) touched $975 billion by the end of last April.

By this, the UAE is the second richest country in the world in terms of the value of assets of sovereign wealth, according to the latest releases by the Washington-based Sovereign Wealth Fund Institute.

Abu Dhabi Investment Authority (ADIA) also maintained its position as the world’s second largest sovereign wealth fund with assets of $773 billion. Across the UAE, the Investment Corporation of Dubai ranked second with assets estimated at $70 billion, followed successively by the International Petroleum Investment Company (IPIC) with $65.3 billion, Mubadala Development Company with $55.5 billion, Emirates Investment Authority with 10 billion and RAK Investment Authority with $1.2 billion.

As far as regional rankings are concerned, the institute’s data showed that Saudi Arabia came second in the Arab world after the UAE through its SAMA Foreign Holdings, whose assets stood at $676 billion, coming third worldwide. SAMA Foreign Holdings was followed by Kuwait Investment Authority with $410 billion, Qatar with $170 billion, Algeria with $77.2 billion, Libya with $66 billion, Oman with $8.2 billion and Bahrain with $7.1 billion.

Globally, China topped the list as the largest country in the world in terms of sovereign wealth funds with $1.309 trillion, followed by the UAE with $975 billion as mentioned before. Norway came third with $838 billion, followed by Saudi Arabia’s SAMA Foreign Holdings with $676 billion and Singapore with $493 billion.